Daily News
From Home Furnishing Business
Mitchell Fadel Replaces Speese as Rent-A-Center CEO
January 3,
2018 by Larry Thomas in Executive Changes, Industry 
Mark Speese, the longtime CEO of Rent-A-Center (NASDAQ: RCII) who lost his board of directors’ seat in a proxy fight last year, has resigned as CEO and is being replaced by former company president Mitchell Fadel.
Fadel, who was backed by dissident shareholder Engaged Capital when he was elected to the board last year, will assume the CEO post immediately, Rent-A-Center said in a statement.
Fadel was Rent-A-Center’s president from July 2000 until August 2015, when he left to become president of U.S. Pawn for Ezcorp, a major provider of pawn loans in the United States and Mexico. He held that post until December 2016.
From 1992 to 2000, he was president and CEO of ColorTyme, a Rent-A-Center subsidiary now known as Rent-A-Center Franchising International.
“As we continue the strategic review process and move with urgency to improve performance, we are fortunate to have a leader of Mitch’s caliber assume the role of CEO,” said Board Chairman J.V. Lentell. “He has previously spent more than 30 years in various positions at Rent-A-Center, most recently as president and COO, and we are grateful for his willingness to take on this important new role.”
In October, the company announced it was exploring strategic and financial alternatives that could include the sale of the company, and Lentell said that review would continue with Fadel at the helm.
“I am honored to have the opportunity to rejoin the talented Rent-A-Center leadership team and excited about the significant opportunity ahead for the company,” said Fadel. “I look forward to working closely with the board and management at Rent-A-Center on their continuing efforts to deliver improved financial performance and enhancing stockholder value.”
“On behalf of the entire Board, I want to thank Mark Speese for his decades of dedication and service to Rent-A-Center,” added Lentell. “Mark is a true pioneer in the rent-to-own business, having founded this company and leading Rent-A-Center to its position as industry leader. On behalf of the entire board of directors, management team and co-workers throughout the company, we thank Mark for his countless contributions to Rent-A-Center and wish him all the best in the future.”